News and Resources

ALI-ABA Seminar: CFPB: Redefining the Consumer Credit Market by Defining "Abusive" Standards

  • December 21, 2011
  • 1:00 PM EST

Jonice Gray Tucker participated in an ALI-ABA phone seminar, titled "CFPB: Redefining the Consumer Credit Market by Defining 'Abusive' Standards," on December 21, 2011.

Chaired by Suzanne Garwood, Of Counsel at Venable (Washington, DC), the 60 minute audio-only program examined the Consumer Financial Protection Bureau's two broad new powers: First, it will become the direct supervisor over non-depository institutions and certain depository institutions. Second, it will have the authority to establish an "abusive" standard for financial products. Specifically, this program covered:

The CFPB's structure, powers, and enforcement priorities;

Key initiatives, including the "Know Before You Owe" Campaign, and how the Bureau’s priorities foretell its perceptions about disclosures and abusive financial products;

The New Supervisory Manual, including examination guidelines for Mortgage Servicing likely to be an indicator of the Bureau’s "hot button" issues;

Anticipated collaboration with other government regulators; and

The Bureau’s Interim Rules and what they suggest about the Bureau’s enforcement and administrative powers.

For more information, visit: www.ali-aba.org/TSTK01